This law actually appears to have been specifically written to encourage fraud in the stock markets.

Pushed by Silicon Valley lobbyists, the law exempts start-ups from independent accounting requirements for five years, loosens other rules, and insanely says that pre-prospectus presentations don’t have to be accurate or truthful. Back up the trucks boys and let the looting begin. The government is a-ok with sleazy dealings and will be comatose when it comes to regulation.

Let’s just say this is a dramatic step taken by Barack Obama. Nobody should have any illusions about where he stands on Wall Street corruption after this thing. Boss Tweed himself couldn’t have done any worse.